Of illegimate birth (bastard); of falsified or erroneously attributed origin; of a deceitful nature or quality. (source: m-w.com)
In international law, odious debt refers to national debt incurred by a regime for purposes that do not serve the best interest of the nation. Odious debt theory defends that such debt should not be enforceable and that personal debts of the regime that incurred them are not debts of the state. (source: wikipedia)
Notably on: Debtocracy (2011) (available online here), a greek documentary film directed by Katerina Kitidi and Aris Hatzistefanou about the present greek debt crisis and some possible solutions for the problem – definitely a must see. They suggest the formation of a committee in order to analyse the structure of the debt; if all or part of the debt proves to be odious/spurious, the people should not have to pay for it and therefore it should be erased or considered personal debt of the regime.